[B]MAIN ANALYSIS[/B]: Price did indeed manage to reach the 100.00-35 area although the reaction lower has not yet been particularly strong. Therefore we do still need to be cautious and allow for 110.35 but overall I feel the downside should be the more vulnerable. A break below 99.29 would be helpful and as long as it continues to slip lower and below 98.70 we should see extension to between 97.78-98.25. I'd expect a correction higher from this range before any deeper losses can be seen.
[B]COUNTER ANALYSIS[/B]: Only back above 100.35 and 100.90 would risk a deeper correction towards 101.40 and max 101.80-102.12.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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